Corn Giving Back
BRUG - Wed Nov 27, 12:03PM CST

Corn is lower in pre-holiday trade, giving back 2 3/4 to 3 cents in the front months. The US stock market continues to post new all time highs, drawing speculative money away from commodities. In the EIA’s newest update, corn demand was again bullish, with decreases in ethanol stocks outweighing increases in production. Production was higher wk/wk for the 10th week in a row, listed at 1.059 million barrels per day through the week ending 11/22. Through the same week stocks were at 20.077 million barrels, which was a 237,000 barrel reduction wk/wk, for the 4th consecutive week. For 7 of the last 10 weeks stocks have decreased, for a 10-week total reduction of 2.223 million barrels. The report also revealed 36,000 barrels of imports to the west coast. South Korea tendered for corn, purchasing up to 69,000 MT at $208.38 /T optional origin and will have Mar 2020 delivery.

DEC 19 Corn is at $3.64 1/2, down 3 cents,

MAR 19 Corn is at $3.75 1/4, down 3 cents,

MAY 20 Corn is at $3.81 1/2, down 2 3/4 cents

JUL 20 Corn is at $3.86 3/4, down 2 3/4 cents

--provided by Brugler Marketing & Management

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